Middleburg Communities (“Middleburg”) announced it has secured financing from Simmons Bank to begin construction of Hamlet Falling Creek, a 260-unit build-to-rent community to be developed along Genito Road in Midlothian, Virginia about 20 minutes southwest of Downtown Richmond. The project marks Middleburg’s second build-to-rent community in Midlothian, joining Hamlet Watkins Centre, which is currently under construction.
“We are excited to develop Hamlet Falling Creek, which, together with Hamlet Watkins Centre, will set the standard for what build-to-rent living in Richmond is all about,” said Robin Bettarel, Managing Director of Development for Middleburg’s Mid-Atlantic Region. “This type of community is highly appealing to all types of lifestyles – families, individuals, empty nesters – as it provides the opportunity to reside in a high-quality, meticulously maintained neighborhood without the burden of property upkeep or maintenance.”
Situated between Route-288, Powhite Parkway, and Hull Street Road, the property’s location offers easy access to Downtown Richmond and 530,000 jobs within a 30-minute drive. The site is located in the highly-rated Chesterfield County school district and is part of the Genito Road/288 Corridor improvement plan, which includes landmark projects such as the recent expansion of the RiverCity sportsplex and The Lake, a massive surf-park anchored development currently under construction.
Selim Tay-Agbozo, President of Middleburg Development, stated, “The Richmond MSA possesses many of the fundamentals that drive our investment decisions. It continues to benefit from strong population growth as a result of its robust business climate, top-tier school and health systems, and desirable quality of life. On top of that, the availability of single-family homes available for purchase or rent in the area is at historic lows, and we look forward to helping fill that gap with the development of these two communities.”
Middleburg currently has six built-to-rent communities under construction in Richmond, Charlotte, Charleston, Jacksonville, Huntsville, and Wilmington.
